Chainlink continues to post impressive weekly gains as the Blockchain Oracle Service Provider. With the crypto market in general, Chainlink’s token saw a 14% increase. All crypto markets have enjoyed a favorable week. The entire crypto market capital reached $1 trillion just a few days ago. Chainlink was one of the tokens that saw significant gains due to this bullish move.
The daily chart is bearish for many coins. Bitcoin and Ethereum have suffered significant losses today. Chainlink is a standout among the pack, refusing drop into the red zone.
Chainlink soars due to increased whale activity
This weekend Chainlink (LINK), saw a substantial rise, rising all the way up to $8. LINK trades at $7.84 and has a market capitalization of $3.8 million as of today’s writing. Strong whale activity was the backdrop for the LINK price rise over the weekend. Service for on-chain information SantimentReports indicate that the last weekend witnessed the largest number of LINK Whale transactions in just four months.
Santiment added: “Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. There were 33 transactions of $LINK exceeding $1,000,000 on Saturday. This was the highest whale activity day since June 27th.”
Chainlink (LINK), has been a hot topic for crypto traders and investors over the past month. The number of whale activity in October is a clear indication of this. Chainlink’s resistance level of $8 at the moment is significant (LINK). If LINK can break above this level it could signal a major upswing.Source: LINKUSD price chart via TradingView.com Chainlink has been strongly consolidating in the $6–$8 level for quite some time now.
Popular Analyst Sees Bullish Future For Chainlink
For much of today, the cryptocurrency market was lower. While Chainlink is currently down 3.86%, it’s still one of the best performers among top tokens with a large market cap. This is one of the top crypto analysts to follow. PentoshiAnonymously, he expressed optimism about the asset. According to him, Chainlink’s chart has received the most attention over longer time horizons.
He instead prefers to talk about the upcoming Chainlink’s staking event, which is slated for December. Pentoshi argues that this will be the catalyst needed to drive LINK’s price to $12.45. Chainlink’s current price is $7.83 as of press time. So to meet the analyst’s objective, it would need to rocket by more than 55% from its current levels.
Continued the expert, he said that the Total Market Cap of Crypto Index recently fell to a new low. The total value of all altcoins minus Bitcoin and Ethereum is measured by this index. Pentoshi claims that this index will see an increase of approximately 456 billion dollars, or $387 billion. This signalizes a bullish outlook on the majority altcoins.
Featured image taken from Pixabay. Chart from TradingView.com